Thursday, August 15, 2013

Kingfisher Airlines Q1 net loss widens to Rs 1,157 crore

Mumbai:  Kingfisher Airlines on Wednesday said its net loss for the April to June quarter widened as the company continued to incur costs while its operations have been grounded. The Vijay Mallya-controlled carrier posted a net loss of Rs1,156.91 crore for the April-June quarter compared to a net loss of Rs650.78 crore a year earlier. Kingfisher said its accumulated losses as of March 31 were Rs 16,023 crore and its net worth a negativeRs12,920 crore.
The company didn't have any sales for the quarter as its planes remained grounded. Kingfisher cancelled all its flights indefinitely since October 1, when its employees went on strike against unpaid salaries. Subsequently, its flying licence was suspended by India's aviation regulator, the Director General of Civil Aviation.
15/08/13 Economic Times